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Table of Contents

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
 
Delaware
 
30-0108820
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
Non-accelerated filer
¨
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Units
 
ET
 
New York Stock Exchange
At August 2, 2019, the registrant had 2,623,235,994 Common Units outstanding.
 


Table of Contents

FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i

Table of Contents

Forward-Looking Statements
Certain matters discussed in this report, as well as certain statements by Energy Transfer LP, formerly Energy Transfer Equity, L.P. (“Energy Transfer,” the “Partnership” or “ET”), in periodic press releases and certain oral statements of Energy Transfer management during presentations about the Partnership, include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “estimate,” “intend,” “continue,” “believe,” “may,” “will” or similar expressions help identify forward-looking statements. Although the Partnership and its general partner believe such forward-looking statements are based on reasonable assumptions and current expectations and projections about future events, no assurance can be given that such assumptions, expectations or projections will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership’s actual results may vary materially from those anticipated, estimated or expressed, forecasted, projected or expected in forward-looking statements since many of the factors that determine these results are subject to uncertainties and risks that are difficult to predict and beyond management’s control. For additional discussion of risks, uncertainties and assumptions, see “Part I – Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 22, 2019.
Definitions
The following is a list of certain acronyms and terms generally used in the energy industry and throughout this document:
 
/d
 
per day
 
 
 
 
AOCI
 
accumulated other comprehensive income (loss)
 
 
 
 
 
BBtu
 
billion British thermal units
 
 
 
 
 
Btu
 
British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy content
 
 
 
 
 
CDM
 
CDM Resource Management LLC and CDM Environmental & Technical Services LLC, collectively
 
 
 
 
 
Citrus
 
Citrus, LLC, which owns 100% of FGT
 
 
 
 
 
DOJ
 
U.S. Department of Justice
 
 
 
 
 
EPA
 
U.S. Environmental Protection Agency
 
 
 
 
 
ETC Sunoco
 
ETC Sunoco Holdings LLC (formerly Sunoco, Inc.)
 
 
 
 
 
ETO
 
Energy Transfer Operating, L.P. (formerly Energy Transfer Partners, L.P.)
 
 
 
 
 
ETP GP
 
Energy Transfer Partners GP, L.P., the general partner of ETO
 
 
 
 
 
ETO Series A Preferred Units
 
ETO’s 6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series B Preferred Units
 
ETO’s 6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series C Preferred Units
 
ETO’s 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series D Preferred Units
 
ETO’s 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series E Preferred Units
 
ETO’s 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Exchange Act
 
Securities Exchange Act of 1934
 
 
 
 
 
FEP
 
Fayetteville Express Pipeline LLC
 
 
 
 
 
FERC
 
Federal Energy Regulatory Commission
 
 
 
 
 
FGT
 
Florida Gas Transmission Company, LLC
 
 
 
 
 
GAAP
 
accounting principles generally accepted in the United States of America

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IDRs
 
incentive distribution rights
 
 
 
 
 
Lake Charles LNG
 
Lake Charles LNG Company, LLC
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate
 
 
 
 
 
MBbls
 
thousand barrels
 
 
 
 
 
MEP
 
Midcontinent Express Pipeline LLC
 
 
 
 
 
MTBE
 
methyl tertiary butyl ether
 
 
 
 
 
NGL
 
natural gas liquid, such as propane, butane and natural gasoline
 
 
 
 
NYMEX
 
New York Mercantile Exchange
 
 
 
 
 
OSHA
 
Federal Occupational Safety and Health Act
 
 
 
 
OTC
 
over-the-counter
 
 
 
 
 
Panhandle
 
Panhandle Eastern Pipe Line Company, LP
 
 
 
 
PES
 
Philadelphia Energy Solutions Refining and Marketing LLC
 
 
 
 
 
Regency
 
Regency Energy Partners LP
 
 
 
 
 
RIGS
 
Regency Interstate Gas LP
 
 
 
 
 
Rover
 
Rover Pipeline LLC
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
Series A Convertible Preferred Units
 
ET Series A convertible preferred units
 
 
 
 
 
SPLP
 
Sunoco Pipeline L.P.
 
 
 
 
 
Sunoco LP
 
Sunoco LP (previously named Susser Petroleum Partners, LP)
 
 
 
 
 
Sunoco LP Series A Preferred Units
 
Sunoco LP Series A Preferred Units previously held by ET
 
 
 
 
 
Sunoco R&M
 
Sunoco (R&M), LLC (formerly Sunoco, Inc. (R&M))
 
 
 
 
 
Transwestern
 
Transwestern Pipeline Company, LLC
 
 
 
 
 
Trunkline
 
Trunkline Gas Company, LLC
 
 
 
 
 
USAC
 
USA Compression Partners, LP
 
 
 
 
 
USAC Preferred Units
 
USAC Series A Preferred Units
Adjusted EBITDA is a term used throughout this document, which we define as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries’ results of operations and for unconsolidated affiliates based on our proportionate ownership.

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
445

 
$
419

Accounts receivable, net
4,349

 
4,009

Accounts receivable from related companies
111

 
111

Inventories
1,832

 
1,677

Derivative assets
54

 
111

Income taxes receivable
99

 
73

Other current assets
308

 
350

Total current assets
7,198

 
6,750

 
 
 
 
Property, plant and equipment
82,351

 
79,776

Accumulated depreciation and depletion
(14,164
)
 
(12,813
)
 
68,187

 
66,963

 
 
 
 
Advances to and investments in unconsolidated affiliates
2,838

 
2,642

Lease right-of-use assets, net
853

 

Other non-current assets, net
1,026

 
1,006

Intangible assets, net
5,827

 
6,000

Goodwill
4,883

 
4,885

Total assets
$
90,812

 
$
88,246


The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in million)
(unaudited)

 
June 30, 2019
 
December 31, 2018
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
3,645

 
$
3,493

Accounts payable to related companies
14

 
59

Derivative liabilities
18

 
185

Operating lease current liabilities
59

 

Accrued and other current liabilities
2,686

 
2,918

Current maturities of long-term debt
7

 
2,655

Total current liabilities
6,429

 
9,310

 
 
 
 
Long-term debt, less current maturities
46,499

 
43,373

Non-current derivative liabilities
354

 
104

Non-current operating lease liabilities
803

 

Deferred income taxes
3,071

 
2,926

Other non-current liabilities
1,139

 
1,184

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
500

 
499

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Common Unitholders
20,872

 
20,606

General Partner
(5
)
 
(5
)
Accumulated other comprehensive loss
(33
)
 
(42
)
Total partners’ capital
20,834

 
20,559

Noncontrolling interests
11,183

 
10,291

Total equity
32,017

 
30,850

Total liabilities and equity
$
90,812

 
$
88,246


The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
Refined product sales
$
4,477

 
$
4,600

 
$
8,203

 
$
8,203

Crude sales
4,346

 
4,244

 
7,871

 
7,500

NGL sales
1,996

 
2,356

 
4,398

 
4,591

Gathering, transportation and other fees
2,035

 
1,667

 
4,302

 
3,097

Natural gas sales
763

 
1,024

 
1,727

 
2,086

Other
260

 
227

 
497

 
523

Total revenues
13,877

 
14,118

 
26,998

 
26,000

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
10,302

 
11,343

 
19,717

 
20,588

Operating expenses
792

 
772

 
1,600

 
1,496

Depreciation, depletion and amortization
785


694

 
1,559

 
1,359

Selling, general and administrative
179

 
183

 
326

 
331

Impairment losses

 

 
50

 

Total costs and expenses
12,058

 
12,992

 
23,252

 
23,774

OPERATING INCOME
1,819

 
1,126

 
3,746

 
2,226

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(578
)
 
(510
)
 
(1,168
)
 
(976
)
Equity in earnings of unconsolidated affiliates
77

 
92

 
142

 
171

Losses on extinguishments of debt

 

 
(18
)
 
(106
)
Gains (losses) on interest rate derivatives
(122
)
 
20

 
(196
)
 
72

Other, net
46

 
(1
)
 
42

 
56

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
1,242

 
727

 
2,548

 
1,443

Income tax expense from continuing operations
34

 
68

 
160

 
58

INCOME FROM CONTINUING OPERATIONS
1,208

 
659

 
2,388

 
1,385

Loss from discontinued operations, net of income taxes


(26
)
 

 
(263
)
NET INCOME
1,208

 
633

 
2,388

 
1,122

Less: Net income attributable to noncontrolling interests
317

 
278

 
614

 
404

Less: Net income attributable to redeemable noncontrolling interests
13

 

 
26

 

NET INCOME ATTRIBUTABLE TO PARTNERS
878

 
355

 
1,748

 
718

Series A Convertible Preferred Unitholders' interest in income

 
12

 

 
33

General Partner’s interest in net income
1

 
1

 
2

 
2

Limited Partners’ interest in net income
$
877

 
$
342

 
$
1,746

 
$
683

INCOME FROM CONTINUING OPERATIONS PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.33

 
$
0.31

 
$
0.67

 
$
0.63

Diluted
$
0.33

 
$
0.31

 
$
0.66

 
$
0.63

NET INCOME PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.33

 
$
0.31

 
$
0.67

 
$
0.62

Diluted
$
0.33

 
$
0.31

 
$
0.66

 
$
0.62



The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
1,208

 
$
633

 
$
2,388

 
$
1,122

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Change in value of available-for-sale securities
3

 

 
8

 
(2
)
Actuarial gain (loss) related to pension and other postretirement benefit plans
3

 

 
10

 
(2
)
Change in other comprehensive income from unconsolidated affiliates
(5
)
 
2

 
(9
)
 
7

 
1

 
2

 
9

 
3

Comprehensive income
1,209

 
635

 
2,397

 
1,125

Less: Comprehensive income attributable to noncontrolling interests
317

 
280

 
614

 
407

Less: Comprehensive income attributable to redeemable noncontrolling interests
13

 

 
26

 

Comprehensive income attributable to partners
$
879

 
$
355

 
$
1,757

 
$
718


The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(Dollars in millions)
(unaudited)
 
Common Unitholders    
 
General Partner    
 
AOCI
 
Noncontrolling Interests
 
Total   
Balance, December 31, 2018
$
20,606

 
$
(5
)
 
$
(42
)
 
$
10,291

 
$
30,850

Distributions to partners
(799
)
 
(1
)
 

 

 
(800
)
Distributions to noncontrolling interests

 

 

 
(425
)
 
(425
)
Capital contributions received from noncontrolling interests

 

 

 
140

 
140

Sale of noncontrolling interest in subsidiary

 

 

 
93

 
93

Other comprehensive income, net of tax

 

 
8

 

 
8

Other, net
17

 

 

 
12

 
29

Net income, excluding amounts attributable to redeemable noncontrolling interests
869

 
1

 

 
297

 
1,167

Balance, March 31, 2019
20,693

 
(5
)
 
(34
)
 
10,408

 
31,062

Distributions to partners
(799
)
 
(1
)
 

 


 
(800
)
Distributions to noncontrolling interests

 

 

 
(388
)
 
(388
)
Units issued
51

 

 

 

 
51

Capital contributions received from noncontrolling interests

 

 

 
66

 
66

Subsidiary units issued for cash

 

 

 
780

 
780

Other comprehensive loss, net of tax

 

 
1

 

 
1

Other, net
50

 

 

 

 
50

Net income, excluding amounts attributable to redeemable noncontrolling interests
877

 
1

 

 
317

 
1,195

Balance, June 30, 2019
$
20,872

 
$
(5
)
 
$
(33
)
 
$
11,183

 
$
32,017


The accompanying notes are an integral part of these consolidated financial statements.
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Series A Convertible Preferred Units
 
Common Unitholders    
 
General Partner    
 
Noncontrolling Interests
 
Total    
Balance, December 31, 2017
$
450

 
$
(1,643
)
 
$
(3
)
 
$
31,176

 
$
29,980

Distributions to partners

 
(265
)
 
(1
)
 

 
(266
)
Distributions to noncontrolling interests

 

 

 
(893
)
 
(893
)
Distributions reinvested
58

 
(58
)
 

 

 

Subsidiary units repurchased
(6
)
 
(98
)
 

 
80

 
(24
)
Subsidiary units issued

 
1

 

 
19

 
20

Capital contributions received from noncontrolling interests

 

 

 
229

 
229

Other comprehensive income, net of tax

 

 

 
1

 
1

Cumulative effect adjustment due to change in accounting principle

 

 

 
(54
)
 
(54
)
Other, net
(4
)
 
26

 

 
(23
)
 
(1
)
Net income
21

 
341

 
1

 
126

 
489

Balance, March 31, 2018
519

 
(1,696
)
 
(3
)
 
30,661

 
29,481

Distributions to partners

 
(265
)
 
(1
)
 

 
(266
)
Distributions to noncontrolling interests

 

 

 
(900
)
 
(900
)
Distributions reinvested
57

 
(57
)
 

 

 

Subsidiary units repurchased
(1
)
 
(21
)
 

 
22

 

Subsidiary units issued

 

 

 
469

 
469

Capital contributions received from noncontrolling interests

 

 

 
89

 
89

Other comprehensive income, net of tax

 

 

 
2

 
2

Acquisition of USAC

 

 

 
832

 
832

Series A Convertible Preferred Units conversion
(589
)
 
589

 

 

 

Other, net
2

 
2

 
(1
)
 
40

 
43

Net income
12

 
342

 
1

 
278

 
633

Balance, June 30, 2018
$

 
$
(1,106
)
 
$
(4
)
 
$
31,493

 
$
30,383


The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
2,388

 
$
1,122

Reconciliation of net income to net cash provided by operating activities:
 
 
 
Loss from discontinued operations

 
263

Depreciation, depletion and amortization
1,559

 
1,359

Deferred income taxes
138

 
71

Inventory valuation adjustments
(97
)
 
(57
)
Non-cash compensation expense
58

 
55

Impairment losses
50

 

Loss on extinguishments of debt
18

 
106

Distributions on unvested awards
(18
)
 
(25
)
Equity in earnings of unconsolidated affiliates
(142
)
 
(171
)
Distributions from unconsolidated affiliates
170

 
138

Other non-cash
44

 
(56
)
Net change in operating assets and liabilities, net of effects of acquisitions
(274
)
 
357

Net cash provided by operating activities
3,894

 
3,162

INVESTING ACTIVITIES
 
 
 
Cash proceeds from sale of noncontrolling interest in subsidiary
93

 

Cash proceeds from USAC acquisition, net of cash received

 
461

Cash paid for all other acquisitions, net of cash received
(7
)
 
(143
)
Capital expenditures, excluding allowance for equity funds used during construction
(2,818
)
 
(3,539
)
Contributions in aid of construction costs
41

 
60

Contributions to unconsolidated affiliates
(254